IQ 17 IIQ 17 IIQ 16 % Ch. IH 17 IH 16 % Ch.

53.78 Brent dated $/bbl 49.83 45.57 9 51.81 39.73 30

1.065 Average EUR/USD exchange rate 1.101 1.129 (2) 1.083 1.116 (3)
1,795 Hydrocarbon production kboe/d 1,771 1,715 3 1,783 1,734 3
1,834 Adjusted operating profit (loss) (a) € million 1,019 188 .. 2,853 771 ..
1,415 of which: E&P 845 355 .. 2,260 450 ..
338 G&P (146) (229) 36 192 56 ..
189 R&M and Chemicals 352 156 .. 541 333 62
744 Adjusted net profit (loss) (a) 463 (317) .. 1,207 (315) ..
0.21 - per share (€) 0.13 (0.09) 0.34 (0.09) ..
965 Net profit (loss) (b) 18 (446) .. 983 (829) ..
0.27 - per share (€) .. (0.12) 0.27 (0.23) ..
2,597 Adjusted cash flow from operations (c) 2,284 1,004 .. 4,881 2,477 97
1,932 Net cash flow from operations 2,706 1,730 56 4,638 3,100 50
2,867 Capital expenditure (d) 2,106 2,452 (14) 4,973 6,031 (18)
14,931 Net borrowings 15,467 13,814 12 15,467 13,814 12
0.28 Leverage % 0.32 0.26 0.32 0.26
(a) Non-GAAP measure. For further information see the paragraph "Non-GAAP measures" on page 15.
(b) Attributable to Eni's shareholders - continuing operations.
(c) Non GAAP measure. Net cash flow from operations before changes in working capital and excluding inventory holding gains or losses.
(d) Include capital contribution to equity accounted entities.
 IH 17 IH 16 Ch. %

Total recordable injury rate (TRIR) (total recordable injury rate/worked hours) x 1,000,000 0.326 0.408 (20.1)
Direct GHG emissions (mmtonnes CO2 eq.) 20.03 19.58 2.3
- of which CO2 from combustion and process 15.12 14.69 2.9
- of which CO2 eq from methane 1.02 1.21 (15.6)
- of which CO2 eq from flaring 3.02 2.85 6.0
- of which CO2 eq from venting 0.87 0.84 3.9
Direct GHG emissions E&P/production (tonnes CO2 eq./toe) 0.165 0.167 (1.0)
Water reinjection (%) 60 57 6.3
0.00 0
 IQ 17 IIQ 17 IIQ 16 % Ch. IH 17 IH 16 % Ch.
Production
832 Liquids kbbl/d 827 852 (2.9) 830 871 (4.7)
5,254 Natural gas mmcf/d 5,152 4,709 9.8 5,203 4,713 10.5
1,795 Hydrocarbons kboe/d 1,771 1,715 3.3 1,783 1,734 2.8
Average realizations
48.65 Liquids $/bbl 45.29 40.58 11.6 46.90 35.14 33.5
3.60 Natural gas $/kcf 3.45 3.11 10.9 3.53 3.21 10.0
33.42 Hydrocarbons $/boe 32.05 29.30 9.4 32.73 26.69 22.6
 IQ 17 (€ million) IIQ 17 IIQ 16 % Ch. IH 17 IH 16 % Ch.
1,628 Operating profit (loss) 851 194 .. 2,479 288 ..
(213) Exclusion of special items (6) 161 (219) 162
1,415 Adjusted operating profit (loss) 845 355 .. 2,260 450 ..
56 Net finance (expense) income (28) (57) 28 (115)
18 Net income (expense) from investments 169 33 187 37
(859) Income taxes (425) (403) (1,284) (710)
57.7 tax rate (%) 43.1 121.8 51.9 190.9
630 Adjusted net profit (loss) 561 (72) .. 1,191 (338) ..
Results also include:
208 exploration expense: 113 153 (26.1) 321 240 33.8
65 - prospecting, geological and geophysical expenses 74 59 25.4 139 114 21.9
143 - write-off of unsuccessful wells (a) 39 94 (58.5) 182 126 44.4
2,706 Capital expenditure 1,909 2,267 (15.8) 4,615 4,509 2.4

(a) Also includes write-off of unproved exploration rights, if any, related to projects with negative outcome.
IQ 17 IIQ 17 IIQ 16 % Ch. IH 17 IH 16 % Ch.
219 PSV €/kcm 192 158 21.5 206 156 32.1
195 TTF 165 140 17.9 180 138 30.4
Natural gas sales bcm

10.38 Italy 9.50 8.63 10.1 19.88 19.42 2.4

11.53 Rest of Europe 8.23 10.55 (22.0) 19.76 21.66 (8.8)
1.04 of which: Importers in Italy 0.89 0.99 (10.1) 1.93 2.12 (9.0)
10.49 European markets 7.34 9.56 (23.2) 17.83 19.54 (8.8)
1.37 Rest of World 0.90 1.30 (30.8) 2.27 2.69 (15.6)
23.28 Worldwide gas sales 18.63 20.48 (9.0) 41.91 43.77 (4.2)
9.37 Power sales Twh 8.39 8.64 (2.9) 17.76 18.09 (1.8)
IQ 17 (€ million) IIQ 17 IIQ 16 % Ch. IH 17 IH 16 % Ch.
214 Operating profit (loss) (225) (154) (46.1) (11) (71) 84.5
(44) Exclusion of inventory holding (gains) losses 0 30 (44) 158
168 Exclusion of special items 79 (105) 247 (31)
338 Adjusted operating profit (loss) (146) (229) 36.2 192 56 ..
6 Net finance (expense) income 0 2 6 4
(1) Net income (expense) from investments (2) (7) (3) (2)
(133) Income taxes 15 73 (118) (55)
38.8 tax rate (%) .. .. 60.5 94.8
210 Adjusted net profit (loss) (133) (161) 17.4 77 3 ..
19 Capital expenditure 30 22 36.4 49 44 11.4
IQ 17 IIQ 17 IIQ 16 % Ch. IH 17 IH 16
4.2 Standard Eni Refining Margin (SERM) $/bbl 5.3 4.6 15.2 4.7 4.4
5.18 Throughputs in Italy mmtonnes 4.88 5.48 (10.9) 10.06 10.68
0.64 Throughputs in the rest of Europe 0.75 0.71 5.6 1.39 1.41
5.82 Total throughputs 5.63 6.19 (9.0) 11.45 12.09
0.02 Green throughputs 0.08 0.05 60.0 0.10 0.09
85.5 Average plant utilization rate % 70.7 94.1 (24.9) 78.1 89.8
Marketing
2.00 Retail sales mmtonnes 2.19 2.21 (0.9) 4.19 4.21
1.42 Retail sales in Italy 1.54 1.50 2.7 2.96 2.87
0.58 Retail sales in the rest of Europe 0.65 0.71 (8.5) 1.23 1.34
24.8 Retail market share in Italy % 25.2 24.3 3.7 25.0 24.1
2.36 Wholesale sales mmtonnes 2.76 2.80 (1.4) 5.12 5.35
1.68 Wholesale sales in Italy 1.98 2.01 (1.5) 3.66 3.85
0.68 Wholesale sales in the rest of Europe 0.78 0.79 (1.3) 1.46 1.50
Chemicals
1,525 Production of petrochemical products ktonnes 1,508 1,460 3.3 3,033 2,898
% Ch.
6.8
(5.8)
(1.4)
(5.3)
11.1
(13.0)

(0.5)
3.1
(8.2)
3.7
(4.3)
(4.9)
(2.7)

4.7
IQ 17 IIQ 17 IIQ 16 % Ch. IH 17 IH 16 % Ch.
(€ million)
364 Operating profit (loss) 33 315 (89.5) 397 363 9.4
(199) Exclusion of inventory holding (gains) losses 255 (215) 56 (152)
24 Exclusion of special items 64 56 88 122
189 Adjusted operating profit (loss) 352 156 .. 541 333 62.5
66 of which: Refining & Marketing 165 44 .. 231 110 110.0
123 Chemicals 187 112 67.0 310 223 39.0
0 Net finance (expense) income 2 (1) 2 0
10 Net income (expense) from investments (9) 0 1 20
(71) Income taxes (119) (51) (190) (105)
35.7 tax rate (%) 34.5 32.9 34.9 29.7
128 Adjusted net profit (loss) 226 104 .. 354 248 42.7
100 Capital expenditure 151 127 18.9 251 212 18.4
 IQ 17 (€ million)
18,047 Net sales from operations - continuing operations
2,111 Operating profit (loss) - continuing operations
(259) Exclusion of inventory holding (gains) losses
(18) Exclusion of special items (a)
1,834 Adjusted operating profit (loss) - continuing operations
0 Breakdown by segment:
1,415 Exploration & Production
338 Gas & Power
189 Refining & Marketing and Chemicals
(115) Corporate and other activities
Impact of unrealized intragroup profit elimination and other consolidation
7
adjustments (b)

965 Net profit (loss) attributable to Eni's shareholders - continuing operations

(186) Exclusion of inventory holding (gains) losses
(35) Exclusion of special items (a)
Adjusted net profit (loss) attributable to Eni's shareholders - continuing
744 operations
965 Net profit (loss) attributable to Eni's shareholders

965
Net profit (loss) attributable to Eni's shareholders - continuing operations
0 Net profit (loss) attributable to Eni's shareholders - discontinued operations
(a) For further information see "Breakdown of special items".
Rendiconto finanziario riclassificato

IQ 17 IIQ 17 IIQ 16 Change

(€ million)

967 Net profit (loss) - continuing operations 18 (444) 462

Adjustments to reconcile net profit (loss) to net cash provided by operating

0 activities: 0 0 0
2,056 - depreciation, depletion and amortization and other non monetary items 2,466 1,960 506
(343) - net gains on disposal of assets 7 (9) 16
1,146 - dividends, interests and taxes 377 643 (266)
(924) Changes in working capital related to operations 674 546 128
(970)
0 Dividends received,bytaxes
Net cash provided paid, interests
operating activities(paid) received operations
- discontinued (836)
0 (966)
0 130
0
1,932 Net cash provided by operating activities 2,706 1,730 976
(2,831) Capital expenditure (2,092) (2,424) 332
(36) Investment and purchase of consolidated subsidiaries and businesses (14) (28) 14
Disposal of consolidated subsidiaries, businesses tangible and intangible assets
557 and investments 67 146 (79)

185 Other cash flow related to capital expenditure, investments and disposals 54 (4) 58
(193) Free cash flow 721 (580) 1,301
(160) Borrowings (repayment) of debt related to financing activities 56 (788) 844
150 Changes in short and long-term financial debt 172 1,880 (1,708)
0 Dividends paid and changes in non-controlling interests and reserves (1,443) (1,444) 1

(6) Effect of changes in consolidation, exchange differences and cash and cash (32) 2 (34)
equivalent related to discontinued operations

(209) NET CASH FLOW (526) (930) 404

Change in net borrowings

IQ 17 IIQ 17 IIQ 16 Change
(€ million)

(193) Free cash flow 721 (580) 1,301

0 Net borrowings of divested companies 0 2 (2)
38 Exchange differences on net borrowings and other changes 186 430 (244)
0 Dividends paid and changes in non-controlling interest and reserves (1,443) (1,444) 1
(155) CHANGE IN NET BORROWINGS (536) (1,592) 1,056
 Change vs.
Jun. 30, 2017 Dec. 31, 2016 Dec. 31, 2016
(€ million)

Fixed assets 75,945 79,729 (3,784)

Net working capital
Inventories 4,858 4,637 221
Trade receivables 9,744 11,186 (1,442)
Trade payables (9,381) (11,038) 1,657
Tax payables and provisions for, net deferred tax liabilities (3,286) (3,073) (213)
Provisions (14,044) (13,896) (148)
Other current assets and liabilities 1,275 1,171 104
(10,834) (11,013) 179
Provisions for employee post-retirements benefits (880) (868) (12)
Assets held for sale including related liabilities 165 14 151
CAPITAL EMPLOYED, NET 64,396 67,862 (3,466)

Eni's shareholders equity 48,881 53,037 (4,156)

Non-controlling interest 48 49 (1)
Shareholders' equity 48,929 53,086 (4,157)
Net borrowings 15,467 14,776 691
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 64,396 67,862 (3,466)
Leverage 0.32 0.28 0.04
Reconciliation of reported operating profit and reported net profit to results on an adjusted basis

(€ million)
Second Quarter 2017

Refining & Marketing

Impact of unrealized
Corporate and other

intragroup profit
and Chemicals
Exploration &

Gas & Power

elimination
Production

activities

GROUP
Reported operating profit (loss) 851 (225) 33 (227) 131 563
Exclusion of inventory holding (gains) losses 0 0 255 0 (3) 252
Exclusion of special items: 0
environmental charges 0 0 17 18 0 35
impairments losses (impairment reversals), net 1 (6) 39 7 0 41
net gains on disposal of assets 1 0 (2) 0 0 (1)
risk provisions 4 0 0 49 0 53
provision for redundancy incentives 3 32 1 3 0 39
commodity derivatives 0 55 3 0 0 58
exchange rate differences and derivatives (21) (80) (6) 0 0 (107)
other 6 78 12 (10) 0 86
Special items of operating profit (loss) (6) 79 64 67 ###
0 204
Adjusted operating profit (loss) 845 (146) 352 (160) 128 1,019
Net finance (expense) income (a) (28) 0 2 (183) 0 (209)
Net income (expense) from investments (a) 169 (2) (9) 13 0 171
Income taxes (a) (425) 15 (119) 49 (38) (518)
Tax rate (%) 43.1 .. 34.5 ### 52.8
Adjusted net profit (loss) 561 (133) 226 (281) 90 463
of which:
- Adjusted net profit (loss) of non-controlling interest 0
- Adjusted net profit (loss) attributable to Eni's shareholders 463

Reported net profit (loss) attributable to Eni's shareholders 18

Exclusion of inventory holding (gains) losses 180
Exclusion of special items 265
Adjusted net profit (loss) attributable to Eni's shareholders 463

(a)
Excluding special items.
Reconciliation of reported operating profit and reported net profit to results on an adjusted basis
(€ million)
Second Quarter 2016

Refining & Marketing

Impact of unrealized
Corporate and other

intragroup profit
and Chemicals
Exploration &

Gas & Power

elimination
Production

activities

GROUP
Reported operating profit (loss) 194 (154) 315 (162)
### 27 220
Exclusion of inventory holding (gains) losses 0 30 (215) ###
0 5 (180)
Exclusion of special items: 0
environmental charges 0 0 44 34
### 0 78
impairments losses (impairment reversals), net 105 0 21 ###
5 0 131
net gains on disposal of assets 1 (1) (4) ###
0 0 (4)
risk provisions 0 0 0 ###
1 0 1
provision for redundancy incentives 3 1 0 ###
0 0 4
commodity derivatives 11 (247) (12) ###
0 0 (248)
exchange rate differences and derivatives 25 (1) 0 ###
0 0 24
other 16 143 7 (4)
### 0 162
Special items of operating profit (loss) 161 (105) 56 36 ###
0 148
Adjusted operating profit (loss) 355 (229) 156 (126) 32 188
Net finance (expense) income (a) (57) 2 (1) (121)
### 0 (177)
Net income (expense) from investments (a) 33 (7) 0 10
### 0 36
Income taxes (a) (403) 73 (51) 27
### (8) (362)
Tax rate (%) 121.8 .. 32.9 ..
Adjusted net profit (loss) (72) (161) 104 (210) 24 (315)
of which:
- Adjusted net profit (loss) of non-controlling interest 2
- Adjusted net profit (loss) attributable to Eni's shareholders (317)

Reported net profit (loss) attributable to Eni's shareholders (446)

Exclusion of inventory holding (gains) losses (123)
Exclusion of special items 252
Adjusted net profit (loss) attributable to Eni's shareholders (317)
(a)
Excluding special items.
Reconciliation of reported operating profit and reported net profit to results on an adjusted basis
(€ million)
First Half 2017

Refining & Marketing

Impact of unrealized
Corporate and other

intragroup profit
and Chemicals
Exploration &

Gas & Power

elimination
Production

activities

GROUP
Reported operating profit (loss) 2,479 (11) 397 (345) 154 2,674
Exclusion of inventory holding (gains) losses 0 (44) 56 0 (19) (7)
Exclusion of special items:
environmental charges 0 0 24 18 0 42
impairments losses (impairment reversals), net 1 (6) 58 8 0 61
net gains on disposal of assets (342) 0 (2) 0 0 (344)
risk provisions 88 0 0 49 0 137
provision for redundancy incentives 5 34 3 3 0 45
commodity derivatives 0 243 (8) 0 0 235
exchange rate differences and derivatives (12) (94) (7) 0 0 (113)
other 41 70 20 (8) 0 123
Special items of operating profit (loss) (219) 247 88 70 ###
0 186
Adjusted operating profit (loss) 2,260 192 541 (275) 135 2,853
Net finance (expense) income (a) 28 6 2 (390) 0 (354)
Net income (expense) from investments (a) 187 (3) 1 28 0 213
Income taxes (a) (1,284) (118) (190) 127 (38) (1,503)
Tax rate (%) 51.9 60.5 34.9 55.4
Adjusted net profit (loss) 1,191 77 354 (510) 97 1,209
of which:
- Adjusted net profit (loss) of non-controlling interest 2
- Adjusted net profit (loss) attributable to Eni's shareholders 1,207

Reported net profit (loss) attributable to Eni's shareholders 983

Exclusion of inventory holding (gains) losses (6)
Exclusion of special items 230
Adjusted net profit (loss) attributable to Eni's shareholders 1,207
(a)
Excluding special items.
Reconciliation of reported operating profit and reported net profit to results on an adjusted basis
(€ million)

First Half 2016

Refining & Marketing

Impact of unrealized
Corporate and other

intragroup profit

DISCONTINUED
and Chemicals
Exploration &

OPERATIONS
Gas & Power

elimination
Production

activities

GROUP
Reported operating profit (loss) 288 (71) 363 (260) 5 325 0
Exclusion of inventory holding (gains) losses 0 158 (152) 0 143 149 0
Exclusion of special items:
environmental charges 0 0 67 34 0 101 0
impairments losses (impairment reversals), net 105 0 34 9 0 148 0
impairment of exploration projects 7 0 0 0 0 7 0
net gains on disposal of assets 1 (1) (4) 0 0 (4) 0
risk provisions 0 0 0 1 0 1 0
provision for redundancy incentives 4 1 4 2 0 11 0
commodity derivatives 15 (144) 14 0 0 (115) 0
exchange rate differences and derivatives 25 (40) (3) 0 0 (18) 0
other 5 153 10 (2) 0 166 0
Special items of operating profit (loss) 162 (31) 122 44 0 297 0
Adjusted operating profit (loss) 450 56 333 (216) 148 771 0
Net finance (expense) income (a) (115) 4 0 (155) 0 (266) 0
Net income (expense) from investments (a) 37 (2) 20 3 0 58 0
Income taxes (a) (710) (55) (105) 43 (46) (873) 0
Tax rate (%) .. 94.8 29.7 0.0 0.0 .. 0.0
Adjusted net profit (loss) (338) 3 248 (325) 102 (310) 0
of which:
- Adjusted net profit (loss) of non-controlling interest 5 0
- Adjusted net profit (loss) attributable to Eni's shareholders (315) 0

Reported net profit (loss) attributable to Eni's shareholders (1,242) 413

Exclusion of inventory holding (gains) losses 101 0
Exclusion of special items 826 (413)
(315) 0
Adjusted net profit (loss) attributable to Eni's shareholders
Reconciliation of reported operating profit and reported net profit to results on an adjusted basis
(€ million)
First Quarter 2017

Exploration &

Gas & Power

Production
Reported operating profit (loss) 1,628 214
Exclusion of inventory holding (gains) losses 0 (44)
Exclusion of special items:
environmental charges 0 0
impairments losses (impairment reversals), net 0 0
net gains on disposal of assets (343) 0
risk provisions 84 0
provision for redundancy incentives 2 2
commodity derivatives 0 188
exchange rate differences and derivatives 9 (14)
other 35 (8)
Special items of operating profit (loss) (213) 168
Adjusted operating profit (loss) 1,415 338
Net finance (expense) income (a) 56 6
Net income (expense) from investments (a)
18 (1)
Income taxes (a) (859) (133)
Tax rate (%) 57.7 38.8
Adjusted net profit (loss) 630 210
of which:
- Adjusted net profit (loss) of non-controlling interest
- Adjusted net profit (loss) attributable to Eni's shareholders
Reported net profit (loss) attributable to Eni's shareholders
Exclusion of inventory holding (gains) losses
Exclusion of special items
Adjusted net profit (loss) attributable to Eni's shareholders
(a)
Excluding special items.
an adjusted basis
Refining & Marketing

Impact of unrealized
Corporate and other

intragroup profit
and Chemicals

elimination
activities

GROUP
364 (118) 23 2,111
(199) 0 (16) (259)

7 0 0 7
19 1 0 20
0 0 0 (343)
0 0 0 84
2 0 0 6
(11) 0 0 177
(1) 0 0 (6)
8 2 0 37
24 3 ###
0 (18)
189 (115) 7 1,834
0 (207) 0 (145)
10 15 0 42
(71) 78 0 (985)
35.7 0.0 0.0
### 56.9
128 (229) 7 746

2
744
965
(186)
(35)
744
Breakdown of special items

IQ 17 (€ million) IIQ 17 IIQ 16 IH 17 IH 16

7 Environmental charges 35 78 42 101
20 Impairments losses (impairment reversals), net 41 131 61 148
0 Impairment of exploration projects 0 0 0 7
(343) Net gains on disposal of assets (1) (4) (344) (4)
84 Risk provisions 53 1 137 1
6 Provisions for redundancy incentives 39 4 45 11
177 Commodity derivatives 58 (248) 235 (115)
(6) Exchange rate differences and derivatives (107) 24 (113) (18)
37 Other 86 162 123 166
(18) Special items of operating profit (loss) 204 148 186 297
6 Net finance (income) expense 125 (24) 131 72
0 of which: 0 0 0 0
6 - exchange rate differences and derivatives reclassified to operating profit (loss) 107 (24) 113 18
(2) Net income (expense) from investments 68 (22) 66 343
0 of which: 0 0 0 0
0 - gains on disposal of assets 0 (7) 0 (7)
0 - impairments/revaluation of equity investments 68 8 68 373
(21) Income taxes (132) 150 (153) 114
0 of which: 0 0 0 0
0 - net impairment of deferred tax assets of Italian subsidiaries 0 149 0 149
(21) - taxes on special items of operating profit and other special items (132) 1 (153) (35)
(35) Total special items of net profit (loss) 265 252 230 826
Net sales from operations

IQ 17 (€ million) IIQ 17 IIQ 16 % Ch.

4,950 Exploration & Production 4,376 3,887 12.6
13,942 Gas & Power 11,710 9,734 20.3
5,515 Refining & Marketing and Chemicals 5,344 4,829 10.7
4,294 - Refining & Marketing 4,167 3,886 7.2
1,346 - Chemicals 1,255 1,083 15.9
(125) - Consolidation adjustment (78) (140)
348 Corporate and other activities 339 319 6.3
(6,708) Consolidation adjustments (6,126) (5,353)
18,047 15,643 13,416 16.6
 01/07/2019 - 08:05:39
406152440.xlsx

Operating expenses

IQ 17 (€ million)
IIQ 17 IIQ 16 % Ch.

13,619 Purchases, services and other 12,447 10,769 15.6

91 of which: - other special items 88 79
784 Payroll and related costs 778 736 5.7
6 of which: - provision for redundancy 39 4
incentives and other
14,403 13,225 11,505 15.0
 01/07/2019 - 08:05:39
406152440.xlsx

Ammortamenti e svalutazioni

IQ 17 IIQ 17 IIQ 16 % Ch.

(€ million)

1,646 Exploration & Production 1,758 1,699 3.5

89 Gas & Power 88 88 0.0
89 Refining & Marketing and Chemicals 90 89 1.1
75 - Refining & Marketing 77 87 (11.5)
14 - Chemicals 13 2 ..
16 Corporate and other activities 15 18 ..
(7) Impact of unrealized intragroup profit (7) (7)
elimination
1,833 1,944 1,887 3.0
Total depreciation, depletion and amortization
20 Impairment losses (impairment reversals), net 41 131 ..

1,853 Depreciation, depletion, amortization, 1,985 2,018 (1.6)

impairments and reversals
IQ 17 (€ million)
IIQ 17 IIQ 16 IH 17 IH 16
20 Asset impairment 63 168 83 185
0 Impairment reversals (22) (37) (22) (37)
20 Impairments losses (impairment reversals), net 41 131 61 148
 01/07/2019 - 08:05:39
406152440.xlsx

Net income from investments

(€ million)
Refining & Corporate and
Exploration & Gas &
First Half 2017 Marketing and other Group
Production Power Chemicals activities

Share of gains (losses) from equity-accounted investments 126 (3) (4) (34) 85
Dividends 59 0 10 0 69
Other income (expense), net 2 (6) (3) 0 (7)
187 (9) 3 (34) 147
Leverage e indebitamento finanziario netto

Mar 31, June 30, Dec. 31, Change vs.

2017 (€ million)
2017 2016 Dec. 31, 2016
27,285 Total debt 27,075 27,239 (164)
7,060 Short-term debt 7,042 6,675 367
20,225 Long-term debt 20,033 20,564 (531)
(5,465) Cash and cash equivalents (4,939) (5,674) 735
(6,410) Securities held for trading and other securities held for non-operating purposes (6,305) (6,404) 99
(479) Financing receivables held for non-operating purposes (364) (385) 21
14,931 Net borrowings 15,467 14,776 691
53,133 Shareholders' equity including non-controlling interest 48,929 53,086 (4,157)
0.28 Leverage 0.32 0.28 0.04
Bonds maturing in the 18-months period starting on June 30, 2017

(€ million)
Amount at June 30,
Issuing entity
2017 (a)

Eni SpA 3,664

Eni Finance International SA 176
3,840
(a) Amounts include interest accrued and discount on issue.

Bonds issued in the second quarter 2017 (guaranteed by Eni Spa)

Amount at June
Issuing entity Nominal amount Currency Maturity Rate %
(€ million) 30, 2017 (a)
(€ million)

Eni SpA 750 EUR 748 2027 fixed 1.500

750 748
(a) Amounts include interest accrued and discount on issue.
GROUP BALANCE SHEET
(€ million)
June 30, 2017 March 31, 2017 Dec. 31, 2016
ASSETS 0 0 0
Current assets
Cash and cash equivalents 4,939 5,465 5,674
Other financial activities held for trading 6,082 6,172 6,166
Other financial assets available for sale 223 238 238
Trade and other receivables 15,836 19,429 17,593
Inventories 4,858 4,728 4,637
Current tax assets 303 366 383
Other current tax assets 433 519 689
Other current assets 1,432 1,403 2,591
34,106 38,320 37,971
Non-current assets
Property, plant and equipment 67,585 70,703 70,793
Inventory - compulsory stock 1,147 1,279 1,184
Intangible assets 3,043 3,262 3,269
Equity-accounted investments 3,944 4,057 4,040
Other investments 234 276 276
Other financial assets 1,793 1,859 1,860
Deferred tax assets 4,084 3,783 3,790
Other non-current assets 1,529 1,403 1,348
83,359 86,622 86,560
Assets held for sale 355 261 14
TOTAL ASSETS 117,820 125,203 124,545

LIABILITIES AND SHAREHOLDERS' EQUITY

Current liabilities
Short-term debt 2,851 2,778 3,396
Current portion of long-term debt 4,191 4,282 3,279
Trade and other payables 14,956 17,063 16,703
Income taxes payable 426 526 426
Other taxes payable 1,948 2,186 1,293
Other current liabilities 1,547 1,736 2,599
25,919 28,571 27,696
Non-current liabilities
Long-term debt 20,033 20,225 20,564
Provisions for contingencies 14,044 13,960 13,896
Provisions for employee benefits 880 862 868
Deferred tax liabilities 6,228 6,569 6,667
Other non-current liabilities 1,597 1,740 1,768
42,782 43,356 43,763
Liabilities directly associated assets held for sale 190 143 0
TOTAL LIABILITIES 68,891 72,070 71,459
SHAREHOLDERS' EQUITY 0 0 0
Non-controlling interest 48 52 49
Eni shareholders' equity: 0 0 0
Share capital 4,005 4,005 4,005
Reserve related to the fair value of cash flow hedging derivatives net of tax effect (60) (41) 189
Other reserves 44,534 48,733 52,329
Treasury shares (581) (581) (581)
Interim dividend 0 0 (1,441)
Net profit (loss) 983 965 (1,464)
Total Eni shareholders' equity 48,881 53,081 53,037
TOTAL SHAREHOLDERS' EQUITY 48,929 53,133 53,086
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 117,820 125,203 124,545
GROUP PROFIT AND LOSS ACCOUNT

IQ 17 IIQ 17 IIQ 16
(€ million)
REVENUES
18,047 Net sales from operations 15,643 13,416
485 Other income and revenues 141 295
18,532 Total revenues 15,784 13,711
OPERATING EXPENSES
13,619 Purchases, services and other 12,447 10,769
784 Payroll and related costs 778 736
(21) Other operating (expense) income 38 118
1,833 Depreciation, Depletion and Amortization 1,944 1,887
20 Impairment Losses (Impairment reversals), net 41 131
144 Write-Of 49 86
2,111 OPERATING PROFIT (LOSS) 563 220
FINANCE INCOME (EXPENSE)
1,326 Finance income 946 1,357
(1,498) Finance expense (1,732) (1,343)
1 Income (expense) from other financial activities held for trading (52) (16)
20 Derivative financial instruments 504 (151)
(151) (334) (153)
INCOME (EXPENSE) FROM INVESTMENTS
29 Share of profit (loss) of equity-accounted investments 56 26
15 Other gain (loss) from investments 47 32
44 103 58
2,004 PROFIT (LOSS) BEFORE INCOME TAXES 332 125
(1,037) Income taxes (314) (569)
967 Net profit (loss) - continuing operations 18 (444)
0 Net profit (loss) - discontinued operations 0 0
967 Net profit (loss) 18 (444)
Eni's shareholders:
965 - continuing operations 18 (446)
0 - discontinued operations 0 0
965 18 (446)
Non controlling interest
2 - continuing operations 0 2
0 - discontinued operations 0 0
2 0 2
Net profit (loss) per share attributable
to Eni's shareholders (€ per share)
0.27 - basic 0.00 (0.12)
0.27 - diluted 0.00 (0.12)
Net profit (loss) per share - continuing operations
attributable to Eni's shareholders (€ per share)
0.27 - basic 0.00 (0.12)
0.27 - diluted 0.00 (0.12)
COMPREHENSIVE INCOME
IIQ 17 IIQ 16
(€ million)

Net profit (loss) 18 (444)

Items that may be reclassified to profit in later periods 0 0
Currency translation differences (2,794) 989
Change in the fair value of cash flow hedging derivatives (21) 472

Change in the fair value of other available-for-sale financial instruments 2 0

Share of "Other comprehensive income" on equity-accounted entities 33 (6)
Taxation 2 (118)
0 0
Total other items of comprehensive income (loss) (2,778) 1,337
Total comprehensive income (loss) (2,760) 893
attributable to: 0 0

Eni's shareholders (2,760) 891

- continuing operations (2,760) 891

- discontinued operations 0 0
Non-controlling interest 0 2
- continuing operations 0 2
- discontinued operations 0 0
CHANGES IN SHAREHOLDERS’ EQUITY

(€ million)

Shareholders' equity at January 1, 2016: 0 57,409

Total comprehensive income (loss) (1,756) 0
Dividends paid to Eni's shareholders (1,440) 0
Deconsolidation of Saipem's non-controlling interest (1,872) 0
Dividends distributed by consolidated subsidiaries (4) 0
Other changes (34) 0
Total changes 0 (5,106)
Shareholders' equity at June 30, 2016: 0 52,303

attributable to: 0
- Eni's shareholders 0 52,257
- Non-controlling interest 0 46
Shareholders' equity at January 1, 2017: 0 53,086
Total comprehensive income (loss) (2,723)
Dividends paid to Eni's shareholders (1,440)
Deconsolidation of Saipem's non-controlling interest (3)
Other changes 9
Total changes (4,157)
Shareholders' equity at June 30, 2017: 0 48,929
attributable to: 0
- Eni's shareholders 0 48,881
- Non-controlling interest 0 48
GROUP CASH FLOW STATEMENT

IQ 17 (€ million)
IIQ 17 IIQ 16

967 Net profit (loss) - continuing operations 18 (444)

0 Adjustments to reconcile net profit (loss) to net cash provided by operating 0 0
activities:
1,833 Depreciation, depletion and amortization 1,944 1,887
20 Impairment losses (impairment reversals), net 41 131
144 Write-off 49 86
(29) Share of (profit) loss of equity-accounted investments (56) (26)
(343) Gain on disposal of assets, net 7 (9)
(11) Dividend income (58) (33)
(48) Interest income (50) (52)
168 Interest expense 171 159
1,037 Income taxes 314 569
91 Other changes 455 (119)
0 Changes in working capital: 0 0
(219) - inventories (137) (500)
(1,501) - trade receivables 2,533 1,726
257 - trade payables (1,580) (53)
47 - provisions for contingencies 86 123
492 - other assets and liabilities (228) (750)
(924) Cash flow from changes in working capital 674 546
(3) Net change in the provisions for employee benefits 33 1
4 Dividends received 98 82
8 Interest received 15 22
(184) Interest paid (127) (168)
(798) Income taxes paid, net of tax receivables received (822) (902)
1,932 Net cash provided by operating activities 2,706 1,730
0 Investing activities: 0 0
(2,727) - tangible assets (2,069) (2,406)
(104) - intangible assets (23) (18)
(36) - investments (14) (28)
(65) - securities (9) (1,155)
(320) - financing receivables (64) (338)
495 - change in payables in relation to investments and capitalized depreciation 48 103
(2,757) Cash flow from investments (2,131) (3,842)
0 Disposals: 0 0
557 - tangible assets 6 8
- consolidated subsidiaries and businesses net of cash and cash equivalent
0 0 11
disposed of
0 - investments 61 127
0 - securities 25 0
215 - financing receivables 116 579
(300) - change in receivables in relation to disposals (6) 19
472 Cash flow from disposals 202 744
(2,285) Net cash used in investing activities (1,929) (3,098)
GROUP CASH FLOW STATEMENT (continued)

IQ 17
753
(67)
(536)
150
0
0
150

0
(11)
(209)

5,674

5,465

(*) Net cash used in investing activities included investments and divestments (on net basis) in held-for-trading financial assets and other investme

Due to their nature and the circumstance that they are very liquid, these financial assets are netted against finance debt in determing net borrowings

IQ 17

(160)
OUP CASH FLOW STATEMENT (continued)

(€ million)

Increase in long-term debt

Repayments of long-term debt
Increase (decrease) in short-term debt

Dividends paid to Eni's shareholders

Dividends paid to non-controlling interests
Net cash used in financing activities

Effect of change in consolidation (inclusion/exclusion of significant/insignificant

subsidiaries)

Effect of cash and cash equivalents relating to discontinued operations

Effect of exchange rate changes on cash and cash equivalents and other changes
Net cash flow for the period
Cash and cash equivalents - beginning of the period (excluding discontinued
operations)

Cash and cash equivalents - end of the period (excluding discontinued operations)

et cash used in investing activities included investments and divestments (on net basis) in held-for-trading financial assets and other investments/divestments in ce

o their nature and the circumstance that they are very liquid, these financial assets are netted against finance debt in determing net borrowings. Cash flows of such in

Net cash flow from financing activities

 IIQ 17 IIQ 16
2 1,892
(202) (120)
372 108
172 1,880
(1,440) (1,440)
(3) (4)
(1,271) 436

2 (1)

0 0
(34) 3
(526) (930)

5,465 6,029

4,939 5,099

ets and other investments/divestments in certain short-term financial assets.

terming net borrowings. Cash flows of such investments were as follows:

IIQ 17 IIQ 16

56 (788)
SUPPLEMENTAL INFORMATION

IQ 17 (€ million)
IIQ 17 IIQ 16

0 Efect of disposals of consolidated subsidiaries and businesses 0 0

0 Current assets 0 7
0 Non-current assets 0 9
0 Net borrowings 0 (2)
0 Current and non-current liabilities 0 (7)
0 Net efect of disposals 0 7
Reclassification of exchange rate differences included in other
0 0 0
comprehensive income

0 Current value of residual interests following the loss of control 0 0

0 Gains (losses) on disposal 0 5
0 Non-controlling interest 0 0
0 Selling price 0 12
0 0 less:borrowings of discontinued operations
Net 0 0
0 Cash and cash equivalents disposed of 0 (1)
0 Cash flow on disposals 0 11
CAPITAL EXPENDITURE

IQ 17 (€ million)
IIQ 17 IIQ 16 % Ch.

2,771 Exploration & Production 1,983 2,326 (14.7)

0 - acquisition of proved and unproved properties 0 0 0.0
65 - g&g costs 74 59 25.4
199 - exploration 85 80 6.3
2,495 - development 1,814 2,171 (16.4)
12 - other expenditure 10 16 (37.5)
19 Gas & Power 30 22 36.4
100 Refining & Marketing and Chemicals 151 127 18.9
68 - Refining & Marketing 111 91 22.0
32 - Chemicals 40 36 11.1
7 Corporate and other activities 9 11 (18.2)
(1) Impact of unrealized intragroup profit elimination (7) (3) 0.0
2,896 Capital expenditure - continuing operations 2,166 2,483 (12.8)

65 Cash out in net cash flow from operating activities 74 59 25.4

2,831 Cash out in net cash flow from investment activities 2,092 2,424 (13.7)
Exploration & Production Operational Data

PRODUCTION OF OIL AND NATURAL GAS BY REGION

IQ 17 IIQ 17 IIQ 16

1,795 Production of oil and natural gas (a) (b) (kboe/d) 1,771 1,715
154 Italy 100 96
202 Rest of Europe 218 188
707 North Africa 679 651
302 Sub-Saharan Africa 345 350
142 Kazakhstan 136 90
93 Rest of Asia 108 141
172 America 164 174
23 Australia and Oceania 21 25
151.3 Production sold (a) (mmboe) 149.7 147.5

PRODUCTION OF LIQUIDS BY REGION

IQ 17 IIQ 17 IIQ 16
832 Production of liquids (a) (kbbl/d) 827 852
65 Italy 27 19
107 Rest of Europe 123 99
225 North Africa 214 248
215 Sub-Saharan Africa 239 259
87 Kazakhstan 86 49
51 Rest of Asia 62 92
79 America 74 83
3 Australia and Oceania 2 3

PRODUCTION OF NATURAL GAS BY REGION

IQ 17 IIQ 17 IIQ 16
5,254 Production of natural gas (a) (b) (mmcf/d) 5,152 4,709
484 Italy 399 417
513 Rest of Europe 515 486
2,629 North Africa 2,536 2,200
479 Sub-Saharan Africa 581 498
302 Kazakhstan 277 220
226 Rest of Asia 249 271
509 America 495 496
112 Australia and Oceania 100 121
NATURAL GAS SALES BY MARKET

IQ 17 IIQ 17 IIQ 16 % Ch.

(bcm)

10.38 ITALY 9.50 8.63 10.1

2.96 - Wholesalers 2.12 1.73 22.5
1.77 - Italian exchange for gas and spot markets 3.98 3.50 13.7
1.14 - Industries 1.15 1.15 0.0
0.36 - Medium-sized enterprises and services 0.16 0.35 (54.3)
0.22 - Power generation 0.31 0.09 ..
2.34 - Residential 0.38 0.50 (24.0)
1.59 - Own consumption 1.40 1.31 6.9
12.90 INTERNATIONAL SALES 9.13 11.85 (23.0)
11.53 Rest of Europe 8.23 10.55 (22.0)
1.04 - Importers in Italy 0.89 0.99 (10.1)
10.49 - European markets 7.34 9.56 (23.2)
1.25 Iberian Peninsula 1.26 1.07 17.8
1.99 Germany/Austria 1.52 2.81 (45.9)
1.57 Benelux 1.18 2.10 (43.8)
0.00 Hungary 0.00 0.14 ..
0.68 UK 0.57 0.35 62.9
2.18 Turkey 1.63 1.39 17.3
2.52 France 1.05 1.68 (37.5)
0.30 Other 0.13 0.02 ..
1.37 Rest of World 0.90 1.30 (30.8)
23.28 WORLDWIDE GAS SALES 18.63 20.48 (9.0)